And when it comes to how the money will be borrowed, it seems that we’re most likely to flex our plastic - close to three in 10 of those surveyed (28 per cent) admit they’ll run up borrowed money on credit cards.
In contrast, a fifth (20 per cent) plan on going in the red on their current account in order to access additional cash and one in 10 (10 per cent) will re -mortgage their homes to gain ready money.
Top of the shopping lists of those surveyed are holidays of a lifetime (25 per cent), new cars (15 per cent) and house extensions (11 per cent). For more than one in 20 (six per cent), however, the money will go on a house deposit, providing them with a step up on to the property ladder. And for some, it’s a case of borrowing their way to a better body, with four per cent of respondents planning to undergo some plastic surgery with their borrowings.
The Abbey findings highlight that living on credit is becoming such a fact of life that nearly a quarter (24 per cent) of us admit we would happily borrow up to £20K without losing a wink of sleep.
Angus Porter, Abbey’s Customer Director, said: "We are borrowing more today than ever before, but we have more control over our finances than past generations. We live in a ‘have it all’ society and people are more comfortable about borrowing to achieve what they want, rather than only doing so when they feel there is no other option. Borrowing choices are also more tailored to individual needs and Abbey has experts to advise on the best way to borrow money — from loans, to credit cards, overdraft or mortgages - it’s all about getting the right financial fit.
"There are also more borrowing options available today, so people aren’t limited to simply sticking something on their credit card or running into their overdraft. It might suit you better to take out a personal loan or to re-mortgage your property."
The research reveals that stereotypically frugal Scots would borrow the most across the country - racking up an average of £6,915 - compared with the cautious Welsh and those from the Midlands who will seek to borrow an average of £2,310 this year.
